There are many significant benefits of tracking employee time for businesses both big and small. Across all industries and sectors, time clocks have come to the aid of employers to not only realise payroll obligations but also recognise areas where efficiency can be enhanced. Time is Worth Tracking Tracking time with precision each day allows businesses to better utilise this valuable commodity. By simply identifying areas lacking in effectiveness, lost time can be made up for and converted into profits. Clocking cards that monitor work time with accuracy reduces the liability of not paying employees in full. This is bound to create discord amidst employees. Keeping on using paper timesheets is not a good business practice for a multitude of reasons. A great many clerical errors are directly related and caused by paper tracking systems. Problems are not noticeable readily until a lawsuit comes knocking. However, time and attendance tracking archives employee data efficiently. Information is available at the ready in case of any disputes. Business should not let go of the opportunity to upgrade their time tracking system with the help of max clocking cards. This is an immense tool of assistance for employers as they can now keep an eye on the in and out time of their employees and thus improve business productivity. To emphasise on the importance of time tracking and attendance, we have gathered a list of top 8 benefits for your reference: 1. Less time spent on payroll processing The most basic benefit that your business can reap is that less amount of time will be spent both by employees and HR personnel tracking, recording and processing the time spent working on a daily, weekly and monthly basis. By opting for an upgrade in the way time tracking is done, businesses cut save time spent in calculating payroll each month by a whopping 70%. Employees can concentrate in performing well in their respective jobs instead of investing time and effort accounting for themselves. 2. Keeping a check on buddy punching and time theft of other sort Time theft comprises of everything from taking longer lunch break than what is allotted or clocking in for a friend in case they are running late for work. This is otherwise known as ‘buddy punching’. It is estimated that over 5% of businesses lose money from buddy punching. Whether committed intentionally or innocently, time theft can prove to be a costly affair and clocking cards is the way to ensure that this does not happen at all. 3. Prevent human bookkeeping errors At times, even the most meticulous and organised person may end up making a mistake even if they are making use of calculators, spreadsheets and other devices of computation. Even the most accomplished typist makes one mistake for every 300 keystrokes. One misplaced decimal or digit can result in accounting errors that have to be rectified. If these are left uncheck and uncorrected, they have the potential of affecting the entire process negatively. Buddy punching or intentionally clocking in before commencing work is one thing. Asking employees to recall the exact start and end time of work, not to mention the breaks for lunches and other lapses etc, is a lot to remember and expect. Clocking cards smoothly tackles these issues. 4. Keeping employees in the loop For the HR personnel in an office, an all-too-familiar question is how much time off an employee has in a year or the number of sick leaves they have left. Quality time tracking and attendance will keep the discrepancies at bay allow and employees to gain access to information on their own accord at any point of time. Allowing employees to peruse through their time records will help them see how effectively they are utilising their time at work. The insight derived from seeing the amount of time spent on a particular project, can prove to be invaluable while also assist them in getting rid of inefficiencies. 5. Allot less time and resources on paperwork Working your way through a pile of paperwork – sorting, arranging, organising and processing is definitely going to eat up lot of time. Moreover, the cost of refilling the items required to maintain an old time attendance system, pencils/pens, papers, toner, ink etc can be expensive in the long run. 6. Make use of a system that can grow with your business A paper-based system can work in some respects for your business even now. But, if you expect your business to grow, you will want a system that grows along with you as you recruit more employees resulting in added time tracking and attendance work. Before it is too late, opt for an upgrade to assist you in timekeeping and overall management. 7. Create and maintain a central database that is accessible across company If your company is spread across multiple locations, it becomes much easier to calculate payroll via a system that is standardised for all employees. This creates a central database that can be accessed from anywhere including on the go. 8. Erasing timekeeping legalitiesA considerable amount of financial resources are wasted in many businesses due to overspending, ineffectiveness and lower production of output. By opting for clocking cards to keep tabs on time and attendance can save money which can be used to fund other initiatives. Misleading classifications and incorrect timekeeping sets up businesses to pay large tax slabs. Avoid this unnecessary expense by simply switching to an automated timekeeping system. The drawbacks of depending on time-consuming and obsolete methods of employee time-tracking are many – they cost time, money and it can also get you in trouble with the law. It can be stressful for those who spend hours every week gathering, rectifying and calculating timesheets. It becomes distracting for employees as well.
Instead of utilising outdated methods, switch to efficient and quality time and attendance system and reap the benefits of accurately tracked time.
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